The Chancellor, John Healey, tells MPs he wants to resolve the full transfer of the Mineworkers' Pension Scheme Guarantor's Fund "in weeks, not months", PoliticsHome reports. He was answering a question in the Commons on Tuesday 3 November from Scottish Labour MP Imogen Walker.
"I know the job's not done. I will go on to ensure the full transfer of the guarantors fund. I want a way to resolve this in weeks, not months."
Healey also said "every penny of the pension fund surplus will go to miners". He said DESNZ and the Treasury are working on the fund jointly. The surplus pledge matches the 28 October Budget, which gives members 100% of surpluses and ends the 50-50 split with government.
The timescale goes further than the Budget. The scheme's trustees said in a statement quoted by Nation.Cymru that the Budget wording was "not a guarantee to either do this or a commitment to a specific timescale". Both outlets report that the fund is believed to be worth £1.2bn. That figure has not been independently checked.
PoliticsHome reports that on the eve of the Budget, Labour MPs for former mining seats were told the government planned to renege on the transfer. The Coalfield Group of Labour MPs has since written to Healey demanding the money's immediate release. Treasury minister Dan Tomlinson said their concerns had been "heard loud and clear on the Treasury bench".